Searching “How can I get a loan for my business?”, check out our checklist for understanding and applying for loans!
This is a question that is on the minds of most small business owners. With so many options available, knowing where to start can be difficult. Here are some tips to help you find funding fast.
Speak to an expert
Combing the internet for answers can be time consuming and exhaustive. If your business needs financing fast, you can benefit from direct communication with a knowledgeable loan specialist. Financing Your Way focuses on providing responsive communication and speedy answers. Their team can reached by phone or email with quick and clear answers.
Find a One Stop Shop
Not all financing companies are created equal. Your business can save time and money by using a financing partner with a network of lenders. In the event that you are not approved initially, partners like Financing Your Way can recommend other lenders with alternative approval criteria. They make the process simple by being a one stop shop. You can relax and run your business while they find a loan for you.
Research your Partner
Identity theft is more common than you think. Research your financing company and lender before completing any applications. LinkedIn is a great resource to research your partner and gain a feel for their network and experience in the industry. The internet provides great information about the reputation of a company.
Don’t focus only on rates
All merchant service providers charge rates for their services and depending on your credit or other qualifying criteria, you may receive higher interest rates. It is important to recognize lenders are providing a service and taking a risk by investing in your company. The fees charged for lending are minor in exchange for the benefit of receiving capital and building business credit. Compare and be aware of rates, but also review other factors when you consider a lending partner like customer service and customer satisfaction.
Think long term
If you don’t receive the offer you wanted initially, don’t be disappointed. Your company is in business for the long run, so as you pay your loan, you will establish history and develop a relationship with your lender. The initial offer you receive may be lower than your request or have a higher interest rate than you expected, but it is your opportunity make a first impression and prove your company is qualified. The experts at Financing Your Way advise that by making timely payments you can increase your chances of being offered future capital.